A GE logo is seen in a store in Santa Monica, California, October 11, 2010. GE will release its third quarter earnings on Friday. REUTERS/Lucy Nicholson

(Reuters) - General Electric Co (GE.N) said it would sell its European private equity financing business to a unit of Japan’s Sumitomo Mitsui Banking Corp (SMBC) for $2.2 billion.

GE Capital will retain its $1 billion investment in the European Senior Secured Loan Program and European Loan Program, both joint ventures between affiliates of GE Capital and affiliates of Ares Capital, GE said on Tuesday.

The deal is part of the U.S. conglomerates plan to shed its financial assets and concentrate on its industrial businesses.

Reporting by Sagarika Jaisinghani in Bengaluru; Editing by Savio D'Souza